Vale publishes third-quarter 2026 earnings call transcript
VALE•Vale reported third-quarter 2026 pro forma EBITDA of US$3.5 billion, down 20% year over year. It expects iron ore production at the low end of guidance, copper and nickel output in the upper half of their ranges, and capital expenditure near the lower end of its US$5.4 billion to US$5.7 billion guidance.
1. Earnings and outlook
During its October 30 earnings call, Vale reported third-quarter 2026 pro forma EBITDA of US$3.5 billion, down 20% year over year. Management expects annual iron ore production at the low end of guidance, while copper and nickel output should reach the upper half of their ranges. Capital expenditure is expected near the lower end of annual guidance of US$5.4 billion to US$5.7 billion.
2. Salobo expansion
The Salobo expansion should add 30,000 tonnes of annual copper production, with startup expected in the first half of 2028.
